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TEXAS State Insurance License Exam Latest Update - Actual Exam Questions and 100% Verified Correct Answers Guaranteed A+
A 60-year-old participant in a 401(k) plan takes a distribution and rolls it over to an IRA
within 60 days. Which of the following is true? - CORRECT ANSWER: The amount of
the distribution is reduced by the amount of a 20% withholding tax.
A business owner was trying to obtain a bank loan to fund the purchase of a new business facility, but the bank required proof of additional assets to secure the loan. The business owner then decided to use her $250,000 life insurance policy to secure the
loan. Which provision makes this possible? - CORRECT ANSWER: Collateral
Assignment
A couple owns a life insurance policy with a Children's Term rider. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Which of the following will she need to provide for proof of insurability? - CORRECT ANSWER: Proof Of Insurability is not required
A temporary license holder can receive a commission from a sale made to all of the
following EXCEPT - CORRECT ANSWER: The license holder's sister-in-law.
According to the state nonforfeiture law for life insurance policies, insurers must offer at
least one of the following nonforfeiture options EXCEPT - CORRECT ANSWER:
Reduction of premium
All of the following are dividend options EXCEPT - CORRECT ANSWER: Fixed period
installments
All of the following are examples of third-party ownership of a life insurance policy
EXCEPT - CORRECT ANSWER: An insured borrows money from the bank and makes
a collateral assignment of a part of the death benefit to secure the loan.
All of the following are mandatory life insurance policy provisions EXCEPT - CORRECT
ANSWER: Policy Backdating
All of the following are Nonforfeiture options EXCEPT - CORRECT ANSWER: Intrest
only
All of the following could be considered rebates if offered to an insured in the sale of
insurance EXCEPT - CORRECT ANSWER: Dividends from a mutual insurer.
An agent holds an insurance license in the state of Kansas and would like to transact insurance in Texas. The agent became licensed before written examinations were
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